COMMISSIONER OF INCOME-TAX Vs. AMOL NARENDRA DALAL

JUDGEMENT

(1.) The above appeal was admitted on the following substantial question of law.

(2.) Relevant facts in the matter are briefly set out hereunder.

(3.) Mr.Kazi, learned Counsel appearing for the revenue before us only reiterated the department's argument advanced before the Tribunal, namely, that since the assessee had already transferred his clientele to the said company under the first agreement dated 25th November, 1994 for a consideration of Rs.12,50,000/- there was nothing left for the assessee to transfer and, therefore,the amount of Rs.11,00,000/- received by the assessee under the second agreement dated 25th November, 1994 should not be treated as amount received for not competing in future with the purchaser, but should be treated as amount paid to the assessee for transfer of the goodwill of the assessee in favour of the purchaser.